The Role of Finance in Navigating Crises and Downturns: Lessons Learned from the Past

It has been said that those who don’t learn from history are doomed to repeat it. COVID-19 is undeniably a moment of crisis for many organizations, leading to a tremendous amount of uncertainty that CFOs and other leaders in the finance function are currently working through. The good news is that the finance function can leverage a range of lessons learned from past crises like the September 11 attacks and the 2008 recession. These events have taught finance leaders a lot about the importance of liquidity, the benefits of risk mitigation, and the value of being poised to take advantage of new business opportunities. Drawing insights from secondary research (both current and past), this article outlines some lessons learned in these areas that finance can consider right now to navigate through the COVID-19 crisis and beyond.